Hungary’s Government Debt Management Agency (ÁKK) allotted 40 billion forints worth of 3-month discount Treasury Bills at its weekly auction on Tuesday, which suggests that the state remains short of resources due to the pre-financing of EU projects. Lucky for the ÁKK, the supply has met the demand.
The ÁKK has placed a HUF 40 bn lot of 3-m T-bills up for auction today, which is the largest amount since December 2016. The debt management company has been gradually raising its offered lots, which suggests that the state is short of funding. Lucky for the issuer, primary dealers have put in bids worth HUF 88.6 billion, which allowed the ÁKK to allot the entire volume as planned. The average yield was set to 0%, up marginally from last week’s average yield.
